Bankrupt financier vows to repay clients’ lost millions

"Balls in the air": Nicholas Levene is being pursued through the courts over alleged debts of £70 million

A financier who failed to return tens of million of investments made on behalf of prominent business figures has promised to repay the money.

Nicholas Levene, a former vice chairman of Leyton Orient Football Club who is known as "Beano", has been declared bankrupt as City clients pursue him through the courts over alleged debts of up to £70 million.

His clients included a number of highprofile business people, including Richard Caring, owner of The Ivy and Le Caprice restaurants, who is owed £4.5 million, and Stagecoach bus company founders Brian Souter and his sister Ann Gloag, who is believed to be owed £18 million.

Mr Levene, originally from High Barnet, has apologised to his wife Tracey and their three children for the pain he has caused.

Mr Levene, who is now being treated for a gambling addiction in the Priory clinic, said he would spend the next four years paying back the money he owes.

He said: "I think once the accounting is done, and given a few years, the people who are due monies will be more than happy."

The Serious Fraud Office is now "undertaking a criminal investigation into the activities of Mr Levene". His assets have been frozen, he has been made bankrupt and has surrendered his passport.

But Mr Levine denies being a conman and said it was never his intention to deprive his clients of their money. He said: "It is nonsense to suggest I was conning my clients. I was using my own money as well.

"Everything I put on for them I put on for myself. We were acting as one. I don't know what will happen. There is much debate about whether what I did was fraud."

Mr Levene today admitted that he had been "dishonest and deceitful".

He said: "I should never have been managing other people's money. I had lots of balls in the air and they all crashed."